VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 3 — Appraisal Report Contents

VA Pamphlet 26-7, Chapter 11 (Appraisal Report), Topic 3 — Appraisal Report Contents

Effective 2019-02-22 · VA Change Date for this topic

• This Chapter has been revised in its entirety. c. Appraisal Report Contents 1. Invoice For consistency, the first page of PDF file uploaded into WebLGY 2. Appraisal Form • Lender’s name and “Department of Veterans Affairs” must be provided in the Lender/Client field on the appraisal report form • The VA assigned fee appraiser’s signature must be provided in the signature block with the fee appraiser’s VA ID in the “other” block, just below state certification and license information Appraisal forms accepted by VA • Fannie Mae Form 1004, Uniform Residential Appraisal Report • Fannie Mae Form 2055, Exterior-Only Inspection Residential Appraisal Report, for liquidation appraisals only if interior access was not provided • Fannie Mae Form 1004C, Manufactured Home Appraisal Report, • Fannie Mae Form 1073, Individual Condominium Unit Appraisal Report • Fannie Mae Form 1075, Exterior-Only Inspection Individual Condominium Unit Appraisal Report, for liquidation appraisals only if interior access was not provided • Fannie Mae Form 1025, Small Residential Income Property Appraisal Report, • Commercially available vacant land form, for liquidation appraisals if the improvements have no contributory value (see Topic 22 of this Chapter.) 3. Street Map • Showing location of subject and each comparable sale • Additional maps if sales are a substantial distance away from the subject. c. Appraisal Report Contents, continued 4. Building Sketch • Gross living area calculations • Exterior dimensions of dwelling, basement, and any other improvements contributing value • Basement may be shown in relation to the floor plan of the house instead of separately • Floor plan layout (interior room dimensions and partitioning are not required) • If interior access is not provided on a liquidation appraisal, a sketch is not required 5. Photographs • Clear and labeled • Front and rear taken at opposite angles to show all sides of the dwelling if possible • Improvements with contributory value • Minimum Property Requirement (MPR) repair items • Street scene • Any views affecting value • Kitchen • Main living area • Bathrooms • Any recent updates, remodeling or renovation • Front view of each comparable sale (real estate marketing photographs are acceptable with an explanation, for example, to exhibit condition at the time of sale, or if a comparable sale is in a gated community that was not accessible to the appraiser) • For condominiums, if the subject and sales are in the same building or identical buildings, the appraiser may comment instead of providing photographs of the sales • Interior photographs are not required on liquidation appraisals when access to the interior of the property is not available 6. Repair list • Itemized list of any observed MPR repairs (see Chapter 12 of this handbook) or customer preference items to be installed on new construction appraisals • May be included directly on the appraisal form 7. Uniform Appraisal Dataset (UAD) • UAD Property Condition and Quality Rating Definitions • UAD Property Description Abbreviations (see Topic 13 of this chapter) c. Appraisal Report Contents, continued 8. Appraiser’s certifications • Required by state law • Related to continuing education or membership in professional appraisal organizations • Additional certifications may be made on a separate form or page, provided they do not conflict with the language on the Statement of Assumptions and Limiting Conditions, any preprinted language on the appraisal form, or VA appraisal requirements 9. Liquidation appraisal addendum • Required on liquidation appraisals only (see Topic 20 of this chapter)

Source: VA Pamphlet 26-7, Chapter 11 (Appraisal Report), Topic 3 — Appraisal Report Contents · source URL · snapshot faa7d8c84a0580f3